Can You Trade in a Financed Car?

The answer in short is yes. You can trade in a financed car for a lease, another financed car, or whatever suits you. Still, you have to think about your Milledgeville loan because it doesn’t just go away when you trade it in. Don’t stop reading here; there’s a lot more information to cover! Let Hyundai of Milledgeville help you through the process of trading in a financed car and while you’re here, you can value your trade with us to figure out what the best deal is.

How Does Trading in a Financed Car Work?

You’re probably asking at the outset: how does trading in a financed car work? Trading in a financed car takes a couple steps. Here are all of the trading in a financed car tips laid out in plain English for Gray drivers.

1. Determine the balance you have left on your loan. It’s usually listed on your monthly statement.
2. With our trade valuation tool or one from a service like Kelley Blue Book, you can figure out what your current vehicle is worth. Note that this is just an estimate and it’s only once the vehicle has been fully inspected that you’ll get a real figure on what it’s worth.
3. If the remaining amount on your auto loan is less than the trade-in offer from the dealership, you’ll still have money left over that will go toward purchasing the car from the dealer.
4. If you’ve got more on your balance than the trade-in offer has for you, you’ll still owe money on your car. This is called negative equity. You can pay off the remainder in full before you buy your next car, or you can roll over the balance onto your next auto loan at Hyundai of Milledgeville.

What Does “Rolling Over” a Loan Mean?

When you roll over a loan, this is when the dealership says they’ll pay off your old Macon loan. This is too good to be true, however, because the price gets added to your new loan on the next car you buy. This means you’re paying back the dealership on both loans at the same time. When you trade in a financed car for a lease or some other option, ask about this.

Rely on Hyundai of Milledgeville for Your Next Vehicle

When it’s time to get that next car, the place to be is definitely Hyundai of Milledgeville. When you go with us, you’re getting a hold of not just a great new (or new to you) vehicle, you’re getting a superior sales experience as well. Trading in a financed car? Contact us today to get started.